African markets post robust real premium income growth in 2021

BY PHILLIP ISAKPA

Data of insurers premium income earnings in 2021 compiled by Swiss Re Institute shows that many African markets posted very comfortable real premium growth last year.

For instance, five of the nine countries in Africa posted real growth of at least seven percent in terms of premium income in 2021, the data further shows.

In its latest sigma report titled “World insurance: inflation risks front and centre”, Swiss Re Institute showed that South Africa kept its leadership as the largest insurance market on the continent, posting a size that was ten times as that of Morocco, its nearest rival by way of market size.

The following table shows the premium volumes of the nine insurance markets in Africa as presented in the sigma report:

Insurance penetration

With regards to insurance penetration, the nine African countries listed in the sigma report fell in the global rankings for insurance penetration in 2021, as well as the penetration rate as compared to 2020.

The following table shows the insurance penetration rate of the nine markets in Africa listed in the sigma report for 2021: